Brokerages Set Iron Mountain Incorporated (NYSE:IRM) Target Price at $99.83

Shares of Iron Mountain Incorporated (NYSE:IRM) have received an average recommendation of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $99.83.

A number of research firms have issued reports on IRM. Wells Fargo & Company increased their target price on Iron Mountain from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. increased their price objective on Iron Mountain from $82.00 to $121.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. The Goldman Sachs Group boosted their target price on Iron Mountain from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, Stifel Nicolaus upped their price target on Iron Mountain from $86.00 to $103.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th.

Iron Mountain Price Performance

Shares of IRM opened at $117.06 on Tuesday. The company has a debt-to-equity ratio of 674.63, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $34.31 billion, a PE ratio of 177.36, a P/E/G ratio of 6.85 and a beta of 1.00. The stock has a 50 day simple moving average of $106.10 and a 200 day simple moving average of $89.93. Iron Mountain has a 52-week low of $56.51 and a 52-week high of $117.83.

Iron Mountain (NYSE:IRM) last issued its quarterly earnings data on Thursday, August 1st. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.59). Iron Mountain had a return on equity of 595.44% and a net margin of 3.94%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the company earned $0.94 EPS. The firm’s revenue was up 13.0% on a year-over-year basis. Sell-side analysts predict that Iron Mountain will post 4.17 EPS for the current fiscal year.

Iron Mountain Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 16th will be given a dividend of $0.715 per share. The ex-dividend date is Monday, September 16th. This is a boost from Iron Mountain’s previous quarterly dividend of $0.65. This represents a $2.86 annualized dividend and a yield of 2.44%. Iron Mountain’s dividend payout ratio is 433.33%.

Insider Buying and Selling at Iron Mountain

In other news, EVP Edward Baker-Greene sold 2,262 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $109.75, for a total transaction of $248,254.50. Following the sale, the executive vice president now owns 9,049 shares in the company, valued at approximately $993,127.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, COO John Tomovcsik sold 35,084 shares of Iron Mountain stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $88.76, for a total transaction of $3,114,055.84. Following the completion of the transaction, the chief operating officer now owns 20,366 shares in the company, valued at $1,807,686.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Edward Baker-Greene sold 2,262 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $109.75, for a total value of $248,254.50. Following the completion of the sale, the executive vice president now owns 9,049 shares in the company, valued at approximately $993,127.75. The disclosure for this sale can be found here. Insiders sold a total of 68,882 shares of company stock worth $6,293,740 over the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Securities Inc. bought a new position in Iron Mountain during the fourth quarter worth $784,000. Kovitz Investment Group Partners LLC bought a new stake in shares of Iron Mountain during the 4th quarter worth about $223,000. BNP Paribas Financial Markets grew its stake in Iron Mountain by 166.8% in the 4th quarter. BNP Paribas Financial Markets now owns 223,676 shares of the financial services provider’s stock valued at $15,653,000 after buying an additional 139,847 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its stake in Iron Mountain by 5.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 15,446 shares of the financial services provider’s stock valued at $1,081,000 after buying an additional 732 shares during the last quarter. Finally, Jump Financial LLC raised its holdings in Iron Mountain by 54.1% in the 4th quarter. Jump Financial LLC now owns 40,010 shares of the financial services provider’s stock valued at $2,800,000 after acquiring an additional 14,046 shares during the period. 80.13% of the stock is currently owned by institutional investors.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.